I follow a decent amount of people who make AP podcasts and/or livestreams and the context of a lot of their conversations (with each other and their fans) indicates to me that “watching livestreams” is an adjacent but non-overlapping hobby to playing games yourself! Also, plenty of people put on streams (or podcasts/whatever) while they play other games, or as background while they do whatever else. There’s of course an overlap with people who play the same games that are being streamed but I would be surprised if it’s even close to 1:1 at this point. Which isn’t to disparage people, I think it’s more that it started to make more sense to me when I realized it’s basically a different hobby!